Four-Advisor Commonwealth Team with $450M AUM Leaves LPL for Cetera
LPLA•A four-advisor Commonwealth team with $450 million AUM departed LPL Financial to join Cetera, marking the second Commonwealth split of the year. This follows a March exit of a three-advisor group managing $300 million, underscoring ongoing retention challenges at LPL.
1. Team Departure Details
A Commonwealth advisor team of four left LPL Financial to affiliate with Cetera, bringing $450 million in client assets. This move represents the second such departure by a Commonwealth-affiliated group from LPL this year, illustrating advisors’ willingness to switch broker-dealers for platform or service benefits.
2. Strategic and Financial Implications
The latest exit follows a March departure of a three-advisor team with $300 million AUM, raising concerns about LPL’s advisor retention and growth of fee-based assets. Continued attrition could pressure LPL’s recurring revenue streams and prompt management to enhance incentives and support offerings to stabilize its advisor network.
